How long did your refi take?

[flygirl]

We’re trying to do a refi thru our credit union, which is limited to the employer members.  I have no idea how many mortgage people they actually have but I don’t think it’s a large organization. When we applied they said it would take 4-6 weeks and then at the 7th week I contacted them and they said it’s been taking more like 8 because of the amount of applications they have received.  Today hits 9 weeks for us in underwriting.  They did match a very good rate I found elsewhere, but how long is too long?  If we don’t close by the 26th, we’ll have to make September’s payment with our current mortgage carrier.  How long did it take for your closing? What do you think I can do if anything?  And feel free to brag about the rate you got.

[ohgillian]

For EVER. I locked a rate in February and we signed papers I think at the end of June.

[flygirl]

ohgillian, I think it should probably just accept the fact I have to pay Sept. Its just crazy because the contact said he would get our payoff details in June and we’d close before the 4th and it didn’t happen and here we are in the middle Aug, I had also talked to a broker and they said they were closing within 45 days-but I don’t know if that was real or just his way of trying to get me to move to them.

[icedcoffee]

I first reached out to my lender on 6/25 and we closed on 7/27.

2.875 for a 30 year

[ohgillian]

Aug 13, 2020 12:12:19 GMT -5 ohgillian said:

For EVER. I locked a rate in February and we signed papers I think at the end of June.

I'll add that I'm actually just in the process of starting a new refi (eye roll) b/c we got a 3.125 20-year and it looks like I can do better now. H and I agreed that as long as the net savings are over $10k, it's worth the hassle. 

[madisen]

A lot of lenders are having issues with turn times and capacity right now. The industry as a whole is overwhelmed with applications. Some are still coming through with 30 days, mine did, but I've also heard horror stories of 4 months and longer.

I'd stick it out as long as they're paying for any lock extensions, you can't get a better rate elsewhere, and you're not doing a cash out where you need the money right now.

[mellymel]

Forever. It took exactly 100 days. We were told 60-70 days. It was ridiculous because we did it through our current lender with no cash out. It was super simple and should not have taken that long.

[Susie]

We refinanced last year through our credit union (3.25% for 20 years).  We locked in August, and closed in October on the 59th day of our 60 day lock.  We didn't even have to build in time for an appraisal because they waved it!  So much more stressful than it had to be.  I anticipate it's even worse now because rates are a little lower.

[juliej]

12 days from contacting our broker to closing on our front porch with a mobile notary - contacted 7/6, closed 7/17, funded 7/22. Our appraisal was waived, and I'm fastidious when it comes to keeping track of paperwork, so it was *quick.* 2.794% on a 30-year.

[fryjack2]

Just locked today on a 30 year fixed rate jumbo loan at 3%. Broker said it would be a mid October closing.

[freshsqueezed]

Aug 13, 2020 14:51:20 GMT -5 melmaria said:

We reached out to our lender on July 29 and he says we are on track to close before September 1. We locked 2.5% on a 25 year.

Did you pay any extra fees/points for this rate?

[seeyalater52]

About 3 weeks from initial contact. Also had the appraisal waived and stayed super on top of the paperwork.

[shaynaatl]

If you've already finished your refi (or close to it), it's good timing. Fees for non-jumbo refi's are going up Sept 1:

www.cnbc.com/2020/08/13/mortgage-refinancing-more-expensive-as-fannie-mae-freddie-mac-raise-fees.html

[madringal]

Aug 13, 2020 12:02:43 GMT -5 flygirl said:

We’re trying to do a refi thru our credit union, which is limited to the employer members.  I have no idea how many mortgage people they actually have but I don’t think it’s a large organization. When we applied they said it would take 4-6 weeks and then at the 7th week I contacted them and they said it’s been taking more like 8 because of the amount of applications they have received.  Today hits 9 weeks for us in underwriting.  They did match a very good rate I found elsewhere, but how long is too long?  If we don’t close by the 26th, we’ll have to make September’s payment with our current mortgage carrier.  How long did it take for your closing? What do you think I can do if anything?  And feel free to brag about the rate you got.

Right at a month, we used Quicken/Rocket Mortgage. Oh, and 15 years - 2.625! We were at 4.05 with 25 years left.

[foodiemom]

Applied last Monday, appraisal the following Monday, got the clear to close today. 9 business days. Because of our schedule, we are not closing until the 24th but that will only be exactly three weeks from start to finish.

[Cappy]

Aug 14, 2020 14:21:01 GMT -5 melmaria said:

Aug 14, 2020 12:41:55 GMT -5 shaynaatl said:

If you've already finished your refi (or close to it), it's good timing. Fees for non-jumbo refi's are going up Sept 1:

www.cnbc.com/2020/08/13/mortgage-refinancing-more-expensive-as-fannie-mae-freddie-mac-raise-fees.html

I saw this! Really really feeling fortunate about our timing.

Saw this and had a mini freak out. We want to go down to a 15 or 20 year but that might no longer make sense.

[sadlebred]

I refied in May/June. It was right at about 30 days.

[thedutchgirl]

My friend owns a mortgage brokerage. I did the initial application on 7/18. Closed yesterday. Funding is 8/19. 1.99% on a 15-year.

[Cappy]

Aug 15, 2020 23:46:54 GMT -5 thedutchgirl said:

My friend owns a mortgage brokerage. I did the initial application on 7/18. Closed yesterday. Funding is 8/19. 1.99% on a 15-year.

Wow! That's a great rate! 

[thedutchgirl]

Aug 16, 2020 12:22:39 GMT -5 Cappy said:

Aug 15, 2020 23:46:54 GMT -5 thedutchgirl said:

My friend owns a mortgage brokerage. I did the initial application on 7/18. Closed yesterday. Funding is 8/19. 1.99% on a 15-year.

Wow! That's a great rate! 

Right?! The closer told me it is the lowest she's ever seen. I had to pay $153 to by a fraction of a point to get it to essentially 2%. I'd told my friend months ago if rates ever hit 2% on a 15-year to let me know, and when he did, I jumped on it.

[farfalla2011]

We locked at 2.75 on July 15th. We hope to close by the end of this month, but I'm starting to have my doubts!

[5thofjuly]

We’re locked at 2.0% for 15 years for however long the re-fi takes. We’re on week 2 right now, so I expect it to be a while.

[noodleoo]

Aug 17, 2020 20:17:48 GMT -5 5thofjuly said:

We’re locked at 2.0% for 15 years for however long the re-fi takes. We’re on week 2 right now, so I expect it to be a while.

I never understand how people get such low rates here!  We got 2.75% on 15 years right at the end of March.  But even then, people were seeing lower than I could find.  So weird.   That's an insane rate!  Congrats!

[madisen]

Aug 18, 2020 15:08:26 GMT -5 noodleoo said:

Aug 17, 2020 20:17:48 GMT -5 5thofjuly said:

We’re locked at 2.0% for 15 years for however long the re-fi takes. We’re on week 2 right now, so I expect it to be a while.

I never understand how people get such low rates here!  We got 2.75% on 15 years right at the end of March.  But even then, people were seeing lower than I could find.  So weird.   That's an insane rate!  Congrats!

Pricing/rates are so specific to a scenario. There are lots of risk components that add to pricing that most consumers don't see or don't know to discuss when trying to compare rates available to others vs available to themselves.

LTV, FICO, Loan Purpose, State, County, Escrows, Occupancy, Loan Type, etc....

[5thofjuly]

Aug 18, 2020 15:08:26 GMT -5 noodleoo said:

Aug 17, 2020 20:17:48 GMT -5 5thofjuly said:

We’re locked at 2.0% for 15 years for however long the re-fi takes. We’re on week 2 right now, so I expect it to be a while.

I never understand how people get such low rates here!  We got 2.75% on 15 years right at the end of March.  But even then, people were seeing lower than I could find.  So weird.   That's an insane rate!  Congrats!

Thanks! We re-fied last Nov at 3.25% but when a very small credit union near my parents went to 2% we decided to pull the trigger again.

[froggy76]

I have no idea how people are getting these rates. I'm in the middle of a refinance to 3.25% on a 20-year. My credit score is above 800 and my LTV is less than 50%. I could have gotten as low as 2.5% but I wanted to minimize closing costs, so I'm taking a $4k lender credit at close, which means they are basically paying me to refinance. I hope to pay the loan off in the next few years, so closing costs were more important to me than the rate.

Still, I have not seen anything like what others are quoting here, although I'll admit I didn't shop around a ton.

[5thofjuly]

The 15 year fixed (no points) is still the deal at the credit union I used. If anyone wants the link, just PM me. It's about $1600 to close and I asked them to waive the appraisal, which they were able to do.

[savan]

Aug 20, 2020 8:19:43 GMT -5 froggy76 said:

I have no idea how people are getting these rates. I'm in the middle of a refinance to 3.25% on a 20-year. My credit score is above 800 and my LTV is less than 50%. I could have gotten as low as 2.5% but I wanted to minimize closing costs, so I'm taking a $4k lender credit at close, which means they are basically paying me to refinance. I hope to pay the loan off in the next few years, so closing costs were more important to me than the rate.

Still, I have not seen anything like what others are quoting here, although I'll admit I didn't shop around a ton.

I learned from my last refinance that our local credit union has way better rates.  The big bank that holds my current mortgage is advertising 3.5% for a 30 year and our credit union is at 2.875%.  We were able to lock at 2.625% a couple of weeks ago.

[notsopicky]

I think we're at about a month. I have to contact my advisor tomorrow to get final dates for closing.

[Deleted]

It seems like forever, but in the grand scheme, it might not be too bad. We applied 7/26 and got our conditional approval. Got the appraisal done. Then everything had to be submitted to underwriting for the official approval. The approval came in the end of last week and we're hoping for an early September closing date, but it may end up closer to mid-month. So right now, we're looking at probably 6-8 weeks total.